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SSS against suspension of scheduled contribution hikes

THE Social Security System (SSS) is against proposals to suspend any increases in its members’ contributions.

“The SSS respectfully expresses its opposition to the proposals because of its expected financial impact on the financial health of the SSS,” said SSS President Aurora C. Ignacio.

Ignacio also added that deferring the hike will affect the fund’s ability to provide for pensioners, members, and their beneficiaries.

She said that the proposals “tend to weaken rather than strengthen the SSS especially during these difficult times.”

The Social Security Act of 2018 called for contribution increases in 2019, 2021, 2023, and 2025. Recently, the House Committee on Government Enterprises and Privatization approved House Bill (HB) No. 8317, filed by House Speaker Lord Allan Jay Q. Velasco, which allows the President to suspend increases in contributions by SSS members. 

The Committee’s chairman, Parañaque City Representative Eric Olivarez, said a committee report on the approval of HB 8317 will be submitted Monday.